![A tugboat built in 1957 is fueled by Amogy's ammonia power.](http://www.builtinnyc.com/sites/www.builtinnyc.com/files/styles/ckeditor_optimize/public/inline-images/Tugboat2_2022-10-26-1024x576.png)
The U.S. and other developed countries have to transition away from coal, oil and gas by 2040 to reach internationally accepted climate targets, according to a new report from the United Nations’ Intergovernmental Panel on Climate Change. Brooklyn-based Amogy aims to meet that challenge with its technology that converts ammonia into electricity.
The startup has already used ammonia to power tractors and 18-wheel semi-trucks. Later this year, Amogy plans to demonstrate its ability to power a tugboat, which would be a major milestone in its goal to decarbonize the maritime shipping industry. The global shipping industry is responsible for about 3 percent of greenhouse gas emissions.
Amogy announced Wednesday that it raised $139 million in funding to continue commercializing its new technology. The new funding will help Amogy bring its first product to market in 2024, the company said in a statement.
The company told Built In that it currently has more than 100 employees, and it plans to grow to more than 200 employees by the end of the year.
![Amogy co-founder and CEO Seonghoon Woo poses for a photo](http://www.builtinnyc.com/sites/www.builtinnyc.com/files/styles/ckeditor_optimize/public/inline-images/Woo%2C%20Seonghoon%20%281%29.png)
Amogy’s green energy solution does not produce carbon emissions, and it is produced using abundant and energy-rich ammonia. With Amogy’s technology, ammonia is poured into a reactor system that converts it to hydrogen, which powers a fuel cell system that produces electricity.
The funding round was led by SK Innovation.
“Amogy’s technology represents a key breakthrough in the usage of ammonia as a fuel, and we believe that it will revolutionize not only the maritime industry, but the entire transportation industry,” SKI Innovation CEO Jun Kim said in a statement. “We want to make sure Amogy has the resources it needs to make zero-emission shipping a reality.”